File IRS 1099 S Form 2024-25

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What is a 1099 S Form Used for?

1099 s tax form used to report the sale or exchange of real estate properties. Specifically, used to ensure whether the sellers are:

• Reporting their capital gains on the tax return
• Paying the appropriate taxes to the Internal Revenue Service.

Who must File?

Any organization that involves in the sale of real estate properties needs to file 1099 S Online. As per the IRS norms, IRS form 1099 s to report proceeds made from real estate transactions i.e., sales of:

• Improved or unimproved lands including air spaces
• Permanent structures of residential, industrial, or commercial buildings
• Condominium units, appurtenant fixtures
• Land, cooperative housing corporation stock, non-contingent interest in standing timber.

What information do you need to file 1099

Gather the below information to e file 1099 s IRS tax return

Filer’s Info	Filer’s name, address, telephone number, Taxpayer Identification Number
Transferor’s Info	Transferor’s name, address, TIN, Account, or an Escrow number
Property Info	Date of closing, gross proceeds, address, & buyer’s part of real estate tax

Boxes Information

1099 S IRS return Boxes	Information
Box 1	Enter the date of closing
Box 2	Enter the cash receives from the sale or exchange of real estate property
Box 3	Enter the exact address of the property. This includes city, state, & Zipcode
Box 4	Enter “X” if in case the transferor will receive or receive property as a part of the consideration
Box 5	Enter “X” if the transferor recognizes as a “foreign person”
Box 6	Enter the buyer’s part of real estate tax

Due Dates for 2024-25 Tax Year

Following are 1099 s tax return deadline information:

Issue IRS 1099 S recipient copy – February 16th, 2025 (mail)

Furnish Copy A to the IRS – February 28th, 2024 (paper form) March 31 st, 2025 (e-filing)